Cash value life insurance can be used to provide protection for your spouse, children, and other beneficiaries, in the event you die prematurely; and tax-deferred accumulation of cash values to provide income options for retirement or other needs and objectives such as legacy planning.
• Pre / Post Retirement Death Benefit
• Tax-Deferred Growth on Cash Value
• Tax-Free Retirement Income
• Creditor Protection (varies by state)
You work with a lender who analyzes your credit, and financial status to obtain loan approval.
All required loan information and your application for life insurance are approved by Insurance.
Premiums are paid to insurance carrier with the approved loan from the lender. The policy value is used, along with other assets, as collateral for the loan.
Depending on the type of loan, the loan interest is paid in cash or capitalized.
The loan is paid off using one or a combination of list to right. The collateral assignment is released and is owned outright by the owner.
1. Taking withdrawals and loans from the policy value,
2. Using other assets, or
3. Using the life insurance death benefit to repay the loan.
The Policy will continue to grow on a tax-deferred basis. The policy can be used for tax-free income or income tax-free death benefit.
Business owners under age 60 (excess of 5 mil in assets) and/or high-net-worth individuals (income in excess of $500k)